Weekly Round Up: Neo&Bee's alleged fraud, Bulgaria's tax on Bitcoin and new ATMs in New Zealand and Canada

British Bitcoin exchange Bit121 announces “hibernation” period

Although half the world is currently welcoming spring, the UK-based exchange Bit121 decided this was the best time to get some sleep. The Bitcoin platform has announced it is suspending all trading operations and temporarily closing down.

The decision is not permanent, according to the company. It is more similar to a “hibernation” process, Bit121 revealed in a statement published on its website: “we like to think we have simply gone into hibernation, and we fully intend to re-open at some point in the near future”.

Chicago Sun-Times becomes first major US newspaper to accept Bitcoin

Following a successful first test with Bitcoin micropayments provider BitWall, the Chicago Sun-Times has announced that it has partnered with San Francisco-based startup Coinbase to accept Bitcoin payments. According to Coindesk, that test allowed the newspaper to receive more than 700 cryptocurrency donations over a 24-hour trial period in support of the non-profit Taproot foundation.

New Zealand’s first Bitcoin vending machines are already up and running

New Zealand welcomed its first Bitcoin vending machines this week. Two Lamassu devices were launched in Auckland by Bitto NZ, but the machines can be only by spotted in evens or used by appointment for now.

These two devices will soon be part of a wider group of devices: Auckland will have six vending machines and two more will be placed in the country’s capital, Wellington.

Chinese Bitcoin exchange closes deposits after central bank clampdown

One of the biggest Chinese Bitcoin exchanges has closed its doors to new deposits following a renewed clampdown on the currency by the People’s Bank of China.

BTC38 announced to its users that the company was having to suspend the use of third party payment processors due to central bank policy, The Guardian reported.

Bulgaria’s National Revenue Agency announces tax on Bitcoin

The Bulgarian National Revenue Agency released a new tax guidance on Bitcoin. According to the document, entitled “Revenue from Bitcoin Transactions to be Declared and Taxed”, a standard capital gains tax will be applicable to all income connected to cryptocurrency.

This means that all Bitcoin-related income will be taxed just like income from the sale of financial assets. Personal income from selling or trading “the virtual currency Bitcoin” is to be specified in annual tax returns and“due on the total annual tax base (10 percent)”.

Canada’s Quebec city gets their dirst Genesis1 Bitcoin ATM

Genesis Coin has announced the deployment of its first Genesis1 Bitcoin ATM in Quebec City, Canada. The machine is owned and operated by Bit2Block and is located in the Auberge Amerik Hotel. The ATM sits in a populated area, where many restaurants, a freeway and a train station are located, according to CoinReport.

At least two clients have already filed complaints with the police in Cyprus against the Bitcoin company Neo & Bee. The local authorities are currently investigating the alleged fraud, while the company’s CEO Danny Brewster is still missing.

The complaints were filed earlier this week, according to an article published by the Cyprus Mail, which also reveals that the victims paid €20,000 and €15,000 to Neo & Bee, but never received their Bitcoins.

eBay now allows the sale of virtual currency

eBay has quietly added a new virtual currency category to their sales site, allowing users to sell virtual currency like Bitcoin, as well as miners, and mining contracts, TechCrunch reported this week.

The category is sparsely populated right now and the listings are all classified ads, suggesting that eBay wants buyer and seller to hash out their sale outside of the company’s jurisdiction, thereby reducing risk of become liable for scams and fake sales.

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.